Bayer.

Bayer Seeks Glyphosate Litigation Advice as Elliott Reveals Stake

Chemicals giant Bayer, under pressure from activist shareholders, said on Wednesday it has hired an external lawyer to advise its supervisory board and has set up a committee to help resolve a multi-billion dollar glyphosate litigation issue.

July 26, 2019 | Source: Reuters | by Edward Taylor

Chemicals giant Bayer, under pressure from activist shareholders, said on Wednesday it has hired an external lawyer to advise its supervisory board and has set up a committee to help resolve a multi-billion dollar glyphosate litigation issue.

Bayer has seen its share price tumble in the wake of its $63 billion acquisition of Monsanto, which brought with it massive legal issues after more than 13,400 plaintiffs alleged the company’s glyphosate weedkiller caused cancer. 

Bayer, which acquired Monsanto last year, says studies and regulators have deemed glyphosate and Monsanto’s Roundup weedkiller safe for human use, but the German company has struggled to contain the reputational and legal fallout. 

German Chancellor Angela Merkel said on Wednesday that German farmers would stop using glyphosate eventually, a stance which is at odds with the Leverkusen-based company’s view. 

Activist shareholder Elliott Associates said it welcomed Bayer’s new steps to improve supervision of litigation issues, as it revealed for the first time its holding of Bayer shares.